In Bankruptcy, there are conditions when certain assets are not exempt.

The following are exempt in Bankruptcy…

Exempt assets in Ontario

If you declare bankruptcy in Ontario, you can keep:

1. Clothing: $ 5,650
2. Household Goods: $11,300
3. Tools of the Trade: $11,300
4. Farmers: $28,300
5. Motor Vehicle: $5,650
6. RRSPs are generally exempt, except for contributions made in the past 12 months.

Exempt assets in B.C.

If you declare bankruptcy in B.C., you can keep:

1. Essential clothes you and your dependents need.
2. Household furnishing and appliances up to $4,000 in value.
3. Equity in one vehicle up to $5,000 (or up to $2,000 if you are behind on child family support payments).
4. Tools and other assets (up to $10,000 in value) you need to earn an income from your work.
5. Medical and dental aids you or your dependants need.
6. Equity in your principal residence (up to a $12,000 value if you live in Metro Vancouver or Victoria, or $9,000 for the rest of the province).
7. RRSPs – in some cases, you keep the full amount; in other cases, you keep the full amount except for contributions made in the past 12 months.

Exempt assets in Alberta

If you declare bankruptcy in Alberta, you can keep:

1. Food you and your dependants need for the next 12 months.
2. Clothes you and your dependents need for the next 12 months.
3. Household furniture and appliances (up to $4,000 in value).
4. One vehicle (up to a $5000 value).
5. Tools and personal property you need to earn an income from your occupation (up to $10,000 in value).
6. The equity in your principal residence (house or mobile home) up to $40,000 in value.
7. If you co-own a house, the percentage of equity you own.
8. Medical and dental aids you and your dependents need.
9. RRSPs – in some cases, you keep the full amount; in other cases, you keep the full amount except for contributions made in the past 12 months.

If you are a farmer, you can keep:

1. Up to 160 acres of land provided your house is located on that land, and the land that is part of your farm.
2. If your main income is from farming operations, any personal property you need to run your farm for the next 12 months.

Exempt assets in Saskatchewan

If you declare bankruptcy in Saskatchewan, you can keep:

1. Household furniture and personal effects (up to a value of $4,500 per person).
2. Tools of the trade, up to a value of $4,500.
3. A vehicle, if you need it for your employment.
4. Equity in your home (up to $32,000 in value, or $64,000 if jointly owned).
5. Certain life insurance policies.
6. Retirement savings plans, including RRSPs, RRIFs and DPSPs.
7. Certain pensions.
8. Certain life insurance policies.

If you are a farmer, you can keep:

1. Furniture, furnishings and appliances (up to $10,000 in value).
2. The cash equivalent of produce you need to provide food and fuel for heating until the next harvest.
3. All livestock, farm machinery and equipment, including one car or truck, necessary for the next 12 months.
4. One motor vehicle, if needed for business.
5. Seed grain equal to two bushels per acre of land under cultivation.
6. Cash equivalent of your crop equal to unpaid harvesting costs, living expenses to next harvest, and necessary costs of farming until next harvest.
7. The homestead.

Exempt assets in Manitoba

If you declare bankruptcy in Manitoba, you can keep:

1. Furniture, household furnishings and appliances (up to $4,500 in value).
2. Necessary and ordinary clothing for you and your family.
3. Food and fuel your family needs for the next six months (or the cash equivalent).
4. Tools, implements, professional books and other items you need for your trade, occupation or profession (up to a value of $7,500).
5. One motor vehicle, if you need it either for work or to drive to and from work (up to a value of $3,000).
6. Articles and furniture you need for religious services.
7. Medical aids you or your family needs (including wheelchair, air conditioner, elevator, hearing aid, eye glasses, prosthetic or orthopedic equipment).
8. Municipal or school property.
9. Your residence or home (up to $1,500 in value each if you live in joint tenancy, or $2,500 if you do not).

If you are a farmer, you can keep:

• Animals you need to continue running your farm for the next 12 months.
• Farm machinery, dairy utensils and farm equipment you need for the next 12 months.
• One motor vehicle (if you need it for your agricultural operations).
• Home quarter.
• Enough seed for any land you have that is being cultivated.
• RRSPs – in some cases, you keep the full amount; in other cases, you keep the full amount except for contributions made in the past 12 months.